It also confirmed today a decrease in the cost of “ongoing regulatory activities” from £479m in 2015/16 to £471.4m in 2016/17. The underlying annual funding requirement for 2016/17 is £481.6m, which is unchanged from the current year.

The final funding requirement for Pension Wise was confirmed as £22.5m which was £100,000 less than the £22.6m proposed in the April consultation.

The FCA received one consultation response from an adviser trade body that said advisers paying 12 per cent of the Pension Wise funding requirement was too much and they should instead pay 5 per cent.

The regulator responded that it decreased the proportion advisers pay to 12 per cent in 2015/16 to recognise that advisers only benefit from Pension Wise if consumers seek financial advice.

It estimates 3,108 advisers will contribute 10 per cent of the £2.7m Pension Wise funding requirement allocated to the advisers’ A.13 fee block.

The regulator adds: “This means that these firms contribute 1.2 per cent of the total £22.5m Pension Wise funding requirement. The £270,000 contribution represents 0.01 per cent of the £2.8bn income these firms repost for fees calculation purposes. We are therefore continuing with the allocations unchanged from [the consultation].”

The FCA will pay £24.5m towards the Financial Ombudsman Service annual budget of £265m and advisers will contribute 2 per cent of that cost.

The total budget for the Money Advice Service in 2016/17 is £30m and advisers must pay £2.9m towards this, 6.9 per cent lower than originally estimated.